Research On The Reform Of China's Securities Issuance Registration System

The main research object of this paper is the reform of China's securities registration system.With the further development of market economy,China's current public offering of securities approved by the defects and deficiencies of system gradually,mainly concentrated in the three high issue,packaging market,rights of rent-seeking,government promotion and other aspects.At the national level and the academic community have recognized the necessity of the reform of the registration system today,the registration system to conduct a comprehensive discussion is particularly important.The government is trying to promote the reform of the registration system by way of special authorized by the people's congress.December 27,2015,the National People's Congress passed this special authorization,which shows the strong determination to promote the registration system.However,China's capital market has just experienced a "crash",the urgent need to "rest",the registration system reform should be gradual.In addition to the introduction and conclusion,the article is divided into four parts.The first part of the evolution process of the audit system of our country public issuance of securities are summarized,and the existing problems are summarized,and then compares the current approval system and the registration system of the difference,find the stock issuance system reform.The second part mainly expounds the defects of large securities issuance system in China under the current existence and reasons for these drawbacks,so as to prove that the approval system has not adapted to our country stock market,imminent reform of the registration system;at the same time,from different perspectives on the feasibility of the registration system in china.Through the analysis of the progress of China's capital market in recent years,as well as the conditions for the reform of the registration system.The third part of the study of developed countries and regions of securities issuance system open,representative audit system of securities issued in these countries and regions with a high,successful stock market practice in their respective countries and regions,based on the experience of the registration system reform of our country the next step and find a way out reference.The last part summarizes the reform of the registration system.Put forward the path of reform should be gradual reform,the gradual reform of our country is still reflected in the substantive review of the approval system from the approval system to the registration system will go through a long process,as a transition in the securities market can be different in different areas and the issuance of securities of the gradual reform and the only way to ensure the prosperity and stability of the securities market and the capital market conditions and combined with the implementation of the registration system reform to put forward specific proposals.